ATO warns investors to declare "all their income"
1/7/2022
Attention property investors: the Australian Taxation Office has said it will be paying close attention to your tax returns.
The ATO has made it clear investors need to include "all the income" they've received this financial year in their tax return, including:
The ATO has also urged property investors to keep good records, because all rental income and deductions need to be entered manually – even if investors use a registered tax agent (such as an accountant) to prepare their tax return.
"If we do notice a discrepancy it may delay the processing of your refund as we may contact you or your registered tax agent to correct your return,” according to the ATO.
“We can also ask for supporting documentation for any claim that you make after your notice of assessment issues."
